Iran’s hashrate has nosedived over the past quarter due to its conflict with the US and Israel. Notably, the global hashrate has not been much affected, shows a new report from Hashrate Index.
Iran has lost roughly 7 exahashes per second (EH/s) quarter over quarter, said Ian Philpot, marketing director at Luxor Technology, in a report published Monday. The country’s hashrate is now at about 2 EH/s, as observed on the Hashrate Index heatmap.
Philpot said that while Iran was clearly harmed by the regional turmoil, there was a possibility of the hashrate adversely getting affected in neighbouring countries like Oman and the United Arab Emirates, but neither country has been affected to date.
The global hashrate of roughly 1,000 EH/s persists because no single location has sufficient capacity to endanger network continuity. He asserted that regional disruptions spread hashrate rather than destroy it.
The Middle East issue worsened after US and Israeli bombings of Iran in February.
Iran and the United States have now agreed to a two-week ceasefire on Tuesday. Iran has around 427,000 active Bitcoin mining equipment units.
Miners are the backbone of the Bitcoin network. Each Bitcoin transaction is validated and added to fresh blocks. With more miners, the hashrate, which contributes to network security, increases.
Philpot attributed the 30-day simple moving average global hashrate’s 5.8% quarterly decline from 1,066 EH/s in Q1 to about 1,004 EH/s in Q2 to a decline in Bitcoin prices.
Miners receive Bitcoin for each block they solve, but because prices have decreased, these payouts are not always sufficient to cover the cost of running their rigs.
Source: X.com
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